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Antipodean Currencies Weakened Amid Oil Rout, U.S Biden Reappointed Powell as Fed Chair & Crucial Gold Prices Level

By Research Team Tuesday, Nov 23, 2021
WTI OIL

    • 10.40am ISTD1
    • High76.59
    • Low76.11
    • Close76.19

WTI Oil is trading at $76.24, 0.31% down since previous day close. The Oil prices retreated after showing a small rebound in the previous session after the news flashed in that U.S is considering to release Oil from Strategic Petroleum Reserves (SPR) & is under-consideration to talk with Japan, India, China & South Korea for the same. The final decision is expected to be out today. On contrary, the OPEC+ shows a reassessment towards rise in Oil output level if consuming countries go ahead with this move.  The result of API report will remain in focus for the day. Wait & watch strategy may be adopted for the day in Oil since the commodity is trading between Fibo level 38.2 & 50.0.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 80.28000
R2 78.25000
R1 77.33000
Turnaround 76.22000
S1 75.30000
S2 74.19000
S3 72.16000
By Research Team Tuesday, Nov 23, 2021
FRA40

    • 10.05am ISTD1
    • High7134
    • Low7073
    • Close7081

FRA40 is trading at 7081, 0.23% down since previous day close. The European indices seems to be trading on lower note since the country is facing increasing number of Covid-19 cases; leading to lockdown curbs in few parts of the Europe. On global front, the U.S President Biden’s decision of reappointing hawkish Jerome Powell as Fed Chair for second term & ongoing Oil rout between the consuming & producing countries further added bearishness in FRA40. However, an impending decision over U.S Oil SPR releases today may remain vital for equities. The market will be looking forward to the French PMI data for the day. As seen in the chart, the FRA40 is floating near upper trend-lie of channel pattern signaling for make or break situation on daily basis.

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Daily Outlook

FRA40

Intra Day
Near Day

Technical Levels

R3 7218.00000
R2 7157.00000
R1 7119.00000
Turnaround 7096.00000
S1 7058.00000
S2 7035.00000
S3 6974.00000
By Research Team Tuesday, Nov 23, 2021
NZD/USD

    • 9.45am ISTD1
    • High0.69593
    • Low0.69265
    • Close0.69318

NZD/USD is trading at 0.69399, 0.22% down since previous day close. The Kiwi sharply weakened on Tuesday against the strong greenback after U.S President Joe Biden reappointed Jerome Powell as a FOMC chair for the second term. This strengthens the chances of tighter monetary policy in U.S in future course of time. Also, ongoing oil rout over SPR release makes the antipodean currencies weaker. On data front, the New Zealand issued upbeat Retail Sales data which failed to create any major impact on NAD/USD. However, the focus will remain on upcoming RBNZ meeting which is to be held in this week showcasing interest rate decision. Slight selling pressure may be recommended in NZD/USD since the pair is expected to test lower trend-line of channel pattern.

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Daily Outlook

NZD/USD

Intra Day
Near Day

Technical Levels

R3 0.71035
R2 0.70364
R1 0.69923
Turnaround 0.69690
S1 0.69255
S2 0.69028
S3 0.68360
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